Rio de Janeiro daily O Globo, without citing sources for its information, said the acquisition would amount to Brazil's biggest-ever real estate transaction and could be valued at as much as 12 billion reais ($3.38 billion).

A spokeswoman for BR Malls, which is based in Rio and is Brazil's biggest mall operator, declined to comment.

A spokeswoman for JP Morgan Chase declined to comment.

A spokeswoman for Blackstone did not return phone calls or an email seeking comment. (Reporting by Paulo Prada; Editing by Jonathan Oatis)